Why Did I Write a 27-page Letter To Clients
In these letters I diligently walk clients through our research on stocks we own, including those we have recently bought and sold. I cover how we value them, why... Read More
I Kid You Not Crazy
We all played this game when we were kids. You say a number. Your friend tries to demonstrate his knowledge by saying a bigger number. At some point you... Read More
Are Housing Prices About To Drop? A Value Investor’s Take
Inflation is on the rise in the US. So are the interest rates. So what about the housing market? Are we going to see housing prices decline? Read below... Read More
How Emotional Intelligence Can Make You a Better Investor
Your knee hurts, so you pay a visit to your favorite orthopedist. He smiles, maybe even gives you a hug, and then tells you: “I feel your pain. Really,... Read More
VALUExVail Presentations
We just finished our VALUEx Vail conference. It was a superspreader of ideas –but not the virus. Forty value investors came from four countries; 38 were vaccinated, one took... Read More
Why Value Investing Requires Thoughtful Arrogance
You need arrogance as a value investor, but it can also be your downfall. So how do you master the psychological side of value investing? Volatility can be both a... Read More
Charter Communications: Heads We Win, Tails We Don’t Lose
Charter Communications (CHTR) is one of the largest cable companies in the US. In large strokes, we think of it as three businesses: cable TV, broadband internet, and wireless. Q2... Read More
ARKK Stocks Sunk
The better ARK performed, the more money flowed into its main ETF, ARKK. It used this money to buy more sci-fi ARKK stocks, pushing up the prices of its... Read More
Why Is Inflation So High Right Now? 6 Reasons + What Happens Next
The war in Ukraine will likely pour more gasoline on the already raging inflationary fire, threatening to send the global economy into stagflation. Stagflation is a slowdown of economic... Read More
Mental Models For Investing – An Interview With The Value Perspective
I sat down with the Value Perspective podcast to discuss my value investing approach. Much of the conversation ended up focusing on mental models and frameworks that I’ve found... Read More
How To Invest When There’s Nowhere to Hide
I was having lunch with a close friend of mine. He mentioned that he had accumulated a significant sum of money and did not know what to do with... Read More
Soul In The Game
Few people have had as great an impact on me as an investor as Nassim Taleb. A good friend gave me his book Fooled by Randomness on my thirtieth... Read More
Inflation Update: Not Transitory Yet!
Today we are experiencing a perfect storm of inflation. A perfect storm is formed by seemingly small factors. Each one on its own may not be particularly significant, but... Read More
US And China: In The Foothills Of Cold War (Updated)
I explain my thoughts on the US, China, and the role defense companies play in IMA client portfolios. Update (October 2021): This article is even more relevant today than when I... Read More
The Softer Side of Value Investing
Culture matters. I share how I evolved from an analyst purely focused on numbers to an investor and CEO focused on people. Using two stories from IMA’s own past,... Read More
Sideways Market
I go over why we may be entering a sideways market (I wrote two books on this subject), as well as how to invest in them. Q2 2021 hedge fund... Read More
Inflation Is Here. But For How Long?
You can also listen to a professional narration of this article on Apple, Google & online. Q2 2021 hedge fund letters, conferences and more geralt / Pixabay For the last three weeks... Read More
Curmudgeon on Cryptocurrency
This is part 3 of the summer letter I wrote to IMA clients; it was also published in Barron’s. You can also listen to a professional narration of this article on... Read More
The Renaissance Of Pipelines
This is the final excerpt from IMA’s winter letter. Q4 2020 hedge fund letters, conferences and more Pipelines are undergoing a renaissance today, but it’s not the one you think. The... Read More
Letter from the Value Investing Mental Asylum or How I Embraced Stoics
The following is an excerpt from our recent client letter. Q2 2020 hedge fund letters, conferences and more A year ago, I called the stock market mood “partying like it’s 1999.”... Read More
Uber: Delivering Food and My 4 Seconds of Fame on PBS (not PBS Kids, unfortunately)
I was on PBS NewsHour talking about Uber Eats and the food delivery business (you can watch it here). When I told my six-year-old daughter Mia Sarah about it,... Read More
Why We Don’t Own Tesla stock (and no, we’re not bears)
I wrote the following article as part one of a two-part conclusion to my 37-page Tesla and EV industry analysis. (You can get complete analysis as an email series,... Read More
